Amundi will acquire the stake held by BNP Paribas Asset Management in the B2B fund distribution platform
Amundi headquarters in Paris. (Credit: Cheep88/Wikipedia.)
France-based asset management firm Amundi has announced the acquisition of 49.96% stake owned by BNP Paribas Asset Management in Fund Channel for an undisclosed amount.
Fund Channel is a Luxembourg-based B2B fund distribution platform.
Amundi was the founding shareholder of Fund Channel, and the stake purchase makes it the sole shareholder of the fund distribution platform by the start of 2021, subject to regulatory approval.
The companies have also announced a target to obtain more than 15% in annual growth rate for the platform in the fund distribution services business.
Amundi operations, services and technology head Guillaume Lesage said: “Amundi has always considered Fund Channel as a strategic activity that is part of its historical distribution services business.
“In becoming its sole shareholder once again, Amundi intends to develop Fund Channel’s offering to confirm its role as a key player in the fund distribution business.”
Fund Channel is a fund distribution platform with €200bn of assets under intermediation
Established in 2005, Fund Channel is a provider of investment fund distribution services, currently operating across few Europen and Asian countries, with offices in Luxembourg, Switzerland, Singapore and Italy.
The platform had assets under intermediation, valuing more than €200bn, at the end of 2019. The firm has more than 550 asset managers and 100 distributors on its platform.
The company provides full range of fund distribution services, including deals with distributors and asset managers, KYC and KYD obligations, funds data and documentation, reporting sales and target market exceptions, and increasing assets under distribution.
Fund Channel managing director Pierre-Adrien Domon said: “We are continuing to integrate additional links in the fund distribution value chain, from asset servicing to asset management, with the aim of offering a comprehensive, attractive and relevant one-stop shop to our clients, both distributors and asset managers in Europe and Asia.”
In July, Amundi finalised the acquisition of 100% of Sabadell Asset Management, after receiving all necessary regulatory approvals.